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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #46,541
  • Oct 21, 2009 10:56am Oct 21, 2009 10:56am
Hi Benji

Nice you have caught that move too. I even didn't wait for the 4H pin I was so convinced that the price will reverse that when it get near to the ppz i sold. There is weekly pivot also and fibo retrace I think. Lots of things that make me sure about the price direction.
  • #46,542
  • Oct 21, 2009 10:57am Oct 21, 2009 10:57am
Quoting mattfx
I see you have the 365 ema put in the 150 ema as well and use this as the final target for this eg trade, it is in the J16 method, give it a try if you like, it is one thing to get into the trade , it is another to manage that trade and take profits and minimise risk ?
Thanks a lot matt
  • #46,543
  • Oct 21, 2009 11:14am Oct 21, 2009 11:14am
Quoting benji533
Hey Mikali,

Just remember these area are zones and not lines. Right, it didn't push far enough for a touch trade, but there was a great PA bar at a great location + a little div.

When you are trading with the trend, it is much easier, and the ideal entry is on pullbacks to confluenced, or obvious enough price pivots.
This is actually quite similar to Mike's breakout & pullback pattern with Price action. Ben
Hi benji533,
Yes I am aware that PPZ areas are zones and not lines to a specific price. I draw my PPZ's as lines as it makes it easier on my eyes when I am reading a chart.

Presently, I find my biggest weakness is my inability to tie together price action set-ups with PPZ's, physc levels, round numbers etc.. A great example of this is the USDCAD trade from yesterday. I identified the DBLHC at a decent support area but failed to recognize I was trading into strong resistance. I am fortunate the trade never triggered because I would have probably been left with a hefty draw down. Thank goodness for the good people here that are kind enough to lend a helping hand and the ability to apprentice via a demo account.

Thanks again for yours and everyone's input it's very much appreciated!!
Mikali
  • #46,544
  • Oct 21, 2009 11:21am Oct 21, 2009 11:21am
Quoting benji533
Hey Mikali,

Just remember these area are zones and not lines. Right, it didn't push far enough for a touch trade, but there was a great PA bar at a great location + a little div.



Ben
What PA bar are you talking about? Is it a pb in M30?
In my "more agressive" demo account I entered short after crossing MA.

Ideal entry would be the top bar with Div and 61,8 fib in PPZ.
I'm not so agressive (yet).
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  • #46,545
  • Oct 21, 2009 11:42am Oct 21, 2009 11:42am
Quoting mbqb11
Quote
As for 1.5. 1.5 might as well be 1(parity) on euro. It is a very big basis for where everything is. Just walk out on the streets and listen to the uneducated people talk. They all will talk about oh the euro is at 1.5, did the euro hit 1.5? Not like it means anything much to them.

Quote
So this also means traders are focused on it....

Hope that helps
Mike

Hey Mike,
I got lucky on the EURUSD trade and this time I managed it carefuly based on your feedback. Once price broke above the matching highs I moved my SL to break even. To make a long story short I banked 27 pips before being stopped out. This has turned out to be a very valuable lesson in trade management, trader psychology and market behaviour and for that I thank you.

Mikali
  • #46,546
  • Oct 21, 2009 11:43am Oct 21, 2009 11:43am
Quoting NosferatuMan
What PA bar are you talking about? Is it a pb in M30?
In my "more agressive" demo account I entered short after crossing MA.

Ideal entry would be the top bar with Div and 61,8 fib in PPZ.
I'm not so agressive (yet).
I think he entered on the 4H pb
  • #46,547
  • Oct 21, 2009 11:45am Oct 21, 2009 11:45am
Quoting Mikali
Hey Mike,
I got lucky on the EURUSD trade and this time I managed it carefuly based on your feedback. Once price broke above the matching highs I moved my SL to break even. To make a long story short I banked 27 pips before being stopped out. This has turned out to be a very valuable lesson in trade management, trader psychology and market behaviour and for that I thank you.

Mikali
you are quite welcome
  • #46,548
  • Oct 21, 2009 12:22pm Oct 21, 2009 12:22pm
we know that sunday bars only take into account a shorter timeframe. does that mean we should ignore it? since it contains less info compared to other bars...

in the chart below, the sunday bar (with the arrow) is really short and the monday bar forms a BUOB..do u guys usually ignore it?
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  • #46,549
  • Oct 21, 2009 12:25pm Oct 21, 2009 12:25pm
Quoting arthurwtm
we know that sunday bars only take into account a shorter timeframe. does that mean we should ignore it? since it contains less info compared to other bars...

in the chart below, the sunday bar (with the arrow) is really short and the monday bar forms a BUOB..do u guys usually ignore it?
Hey Arthur

Most of us ignore it completely. In this case you still would have a buob, but still. Some people will combine it with the prior bar visually. I personally ignore it

Best
Mike
  • #46,550
  • Oct 21, 2009 12:27pm Oct 21, 2009 12:27pm
benji where you at man , no way you missed this one right?
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  • #46,551
  • Oct 21, 2009 12:35pm Oct 21, 2009 12:35pm
Hey guys, just popping over here to see what is going on. I am starting to use D1 as my only form of trading as I have came to realize that *I* do not know enough to trade on anything shorter.

I do find it quite funny that most expert/experienced traders always tell us newbs to do that, but we go against the grain because we always know better. Well... I gotta say that I was one of them and I admit it!

I got one question real quick then I am going to post a chart.

With looking on the daily, all the inter day noise is absorbed. Now that being said, does one look at fundamentals to back their trade as well? Or do the more experienced traders use that just to figure out of there is any fuel left in the tank for the trade they took? I am terrible with fundies, but I do think that it is some good information to know.... so if anyone has any good websites that can help me correlate forex with the equity market that would be great.

And here is the chart that I am looking at, right now.

From the looks of things, this is a minor correction before it continues upwards. I know that there is *nothing* there yet, but if it closes as a PB, does that look like a pretty valid setup?

Any help is greatly appreciated!
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  • #46,552
  • Oct 21, 2009 12:43pm Oct 21, 2009 12:43pm
Hey Concept

Some people combine fundies with techs. Most on this thread don't. I personally don't pay a blink of attention and could care less

As for correlation equities market pairs like the xxx/jpy tend to be more correlated, some of the USD. I think it is easier just to observe then any sort of tool. Visually we can see better then any tool out there.

Finally yes your trade would be valid if a nice pin formed with the fib and 9k round number. But one note your fib is upside down. The 61.8 should be the lowest level

Hope that helps
Mike


Quoting Concept
Hey guys, just popping over here to see what is going on. I am starting to use D1 as my only form of trading as I have came to realize that *I* do not know enough to trade on anything shorter.

I do find it quite funny that most expert/experienced traders always tell us newbs to do that, but we go against the grain because we always know better. Well... I gotta say that I was one of them and I admit it!

I got one question real quick then I am going to post a chart.

With looking on the daily, all the inter day noise is absorbed. Now that being...
  • #46,553
  • Oct 21, 2009 12:45pm Oct 21, 2009 12:45pm
oops... lol. I always think an uptrend turned downtrend is last swing high to last swing low. Thanks for pointing that out!

Interesting point of view regarding fundamentals. Thanks!
  • #46,554
  • Oct 21, 2009 12:56pm Oct 21, 2009 12:56pm
Quoting mbqb11
benji where you at man , no way you missed this one right?
Hey Mike. I saw that too but it has already made 50 pips from the break .. and I don't like/have the guts to catch trains that I ve missed the first time but damn we have a "runner"
  • #46,555
  • Oct 21, 2009 1:14pm Oct 21, 2009 1:14pm
I think that if it will close like this i'll play this pin bar.
We've got a confluence of:
- bullish pin bar
- touch of 0.9600 PPZ and rejection
- 150 EMA
- 61.8% Fibo ret
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  • #46,556
  • Oct 21, 2009 1:20pm Oct 21, 2009 1:20pm
Quoting mbqb11
benji where you at man , no way you missed this one right?
awesome trade master
Was at school

Ohh and...look where all this started...amazing it happens all the time!

By the way, I got my Oanda account verified! Now I just need to figure out how I use their units and orders (are their "limit orders" are stop orders or limit orders of MT4?)...I am a bit confused...I'm used to MT4.
Then convert my money to USD and send them

Ben

PS You must post more charts Mike! the old ones are boring after 3 times reading each lol.
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  • #46,557
  • Oct 21, 2009 1:24pm Oct 21, 2009 1:24pm
Quoting benji533

Ben

PS You must post more charts Mike! the old ones are boring after 3 times reading each lol.
sorry Ben, I am a boring trader. Most of you all trade a lot more then me

Notice size of pattern is more correlated to size of move. Bigger pattern = larger move, smaller patterns= smaller move.
  • #46,558
  • Oct 21, 2009 1:33pm Oct 21, 2009 1:33pm
Here is what separates a success from failure on lower time frame trading, and a great location from a poor location.

I have outlined the 1.5750-1.58 area on Daily EURCAD. On daily, we have a ton of fib and 50% retrace confluence, along with both the 150ema and 365ema sitting practically on top of each other at 1.5750. This area is also a ppz on the weekly.

Zoom into 4 hour, and we have a nice pin (almost) right off of this killer location. The pin is smaller than the big move up, but in the direction of the trend. For me, this trade was all about location, so I was ok with the smaller size pin.

This type of confluence on the higher time frames is exactly what we need to successfully trade the lower time frames. Once we get good at identifying these types of areas, we don't even need the PA to trade off of them (a la rac?). Although my preference now is to have some nice PA to confirm.

There was also nice PA on lower time frames, but I won't get into that in this post.

Check out my charts below to see the power of a good location. You can also see the hard break we love, and virtually no drawdown to boot .

Scott
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  • #46,559
  • Oct 21, 2009 1:42pm Oct 21, 2009 1:42pm
For those more experienced in trading lower time frames...although I myself don't trade these yet.

I want to make it clear for those who are new. In my opinion, THE ONLY reason why a trade like this can work is due to a killer location. Taking a trade like this off a so so or outright crappy location will kill you on a low time frame. You need to be able to accurately identify important areas before you trade these time frames and you can do that by following jims minimum requirements. Practice identifying these locations on daily/weekly first where you have a chance at survival if you make a few mistakes, because there's little room for error when you move down.

Scott
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  • #46,560
  • Oct 21, 2009 2:04pm Oct 21, 2009 2:04pm
Scott is right but most people wont listen to him or me for that matter.

Im not talking to those of you that trade intraday on demo and wont go live until YOU KNOW you can do it.

Im talking to those of you that are hell bent on losing all your money.

There is no such thing as a new trader that found long term consistent success starting on small time frames.

maybe someone can prove me wrong. im open to being wrong.



Quoting scott087
For those more experienced in trading lower time frames...although I myself don't trade these yet.

I want to make it clear for those who are new. In my opinion, THE ONLY reason why a trade like this can work is due to a killer location. Taking a trade like this off a so so or outright crappy location will kill you on a low time frame. You need to be able to accurately identify important areas before you trade these time frames and you can do that by following jims minimum requirements. Practice identifying these locations on daily/weekly first...
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